In this article, we investigate the linear and nonlinear optical properties of the thiophene/phenylene-based oligomer (SL128G) and polymer (FSE59) chemically modified with alquilic chains, which allow greater solubility and provide new optical properties. These compounds present a strong absorption in the UV-visible region, providing a wide transparence window in visible-IR, ideal for applications in nonlinear optics. Employing the Z-scan technique with femtosecond pulses, we show that these compounds exhibit considerable two-photon absorption (2PA), with two 2PA allowed states located at 650 and 800 nm for SL128G and 780 and 920 nm for FSE59. Moreover, we observe the resonance enhancement effect as the excitation wavelength approaches the lowest one-photon-allowed state. By modeling the 2PA spectra considering a four-energy-level diagram within of the sum-over-essential states approach, we obtained the spectroscopic parameters of the electronic transitions to low-energy singlet excited states. Additionally, photoluminescence excited by femtosecond and picosecond pulses were performed to confirm the order of the multiphoton process and estimate the fluorescence lifetime, respectively.